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Schedule G reflects contracts that have not been completed. For example, a contract that requires the debtor to sell his house is unfinished and considered executory. Schedule H lists co debtors or those people that are also liable for one or more of the debts. On schedules I and J, the debtor summarizes monthly income/expenses and budget. In particular, on schedule I, the debtor lists all monthly income, such as job related income minus payroll deductions, social security benefits and support payments that the debtor currently receives. By contrast, the debtor lists all monthly expenses, such as rent, utilities and other expenditures on schedule J. Taken together, the 2 schedules show how much a debtor earns and spends and what's left over, if anything, at the end of the month. The third part of the bankruptcy petition is the debtor's Statement of Financial Affairs. The statement of financial affairs requires the debtor to list additional information not necessarily reflected in schedules A through J. For example, while schedule I lists a debtor's current income, the statement of financial affairs requires the debtor to list all past employment for a period of three years along with the amount of income received from this employment during that period. The debtor must take great care to fully and accurately disclose all information required in the petition. Failure to do so may result in the denial of discharge, dismissal of the debtor's bankruptcy case, and/or criminal prosecution. |
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Voluntary Petition and Schedules
Part 2 of 2